MANAMA: The Telecommunications Regulatory Authority (TRA) issued the first license to perform electronic signature and trust services to Benefit, Bahrain’s sole electronic financial transaction operator.

Trust and electronic signature services are governed by the provisions of Articles (20) and (21) of the Law on Communications and Electronic Transactions.

The services enable the signing of transactions electronically and remotely and aim to promote the use of electronic signatures as a secure and reliable method of authentication during electronic transactions.

TRA Cybersecurity and Technical Affairs Director Mohamed Alnoaimi said: “Through licensing and electronic signature services, TRA seeks to keep pace with the latest technologies and developments to carry out its tasks and fulfill its functions. to achieve the digital transformation strategy. The increased use of “electronic signature” will help improve the efficiency of administrative work and the level of performance of public and private services in line with rapid technological trends. “

Mr. Alnoaimi also underlined TRA’s commitment to periodically assess all systems and processes to ensure their contribution to meeting residents’ needs while preserving the rights of all parties.

Benefit Deputy General Manager for Information Technology Riyadh Al Maraj also commented: “We are delighted that Benefit is the first in the kingdom to obtain a license for trust services and electronic signature, after having passed the standards and specifications for providing the service. according to the regulations issued by the TRA.

“Benefit has invested in state-of-the-art technical infrastructure in accordance with international best practices to meet the requirements of this license and we look forward to opening the doors to many future applications,” added Mr. Al Maraj.

In January 2019, Bahrain became the first in the world to adopt the Model Law on Electronic Transferable Documents, developed by the United Nations Commission on International Trade Law (UNCITRAL).

In strategic cooperation with the UNCITRAL secretariat, the kingdom also revised the Electronic Transactions Law with new provisions that align with the United Nations Convention on the Use of Electronic Communications in International Contracts and have it renamed the Electronic Communications and Transactions Act.

The Electronic Transferable Documents Act introduced electronic transferable documents that are functionally equivalent to commercial documents and instruments issued on paper, such as bills of lading, bills of exchange, checks, promissory notes and warehouse receipts.

These electronic documents allow the person who holds them to claim payment of a sum of money or the delivery of certain goods, enabling the merging of financial and logistics supply chains into a single data flow.

The Electronic Communications and Transactions Act updated the Electronic Transactions Act to promote wider use of electronic communications in business.

© Copyright 2020 www.gdnonline.com

Copyright 2021 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).


Source link

Previous

The bill "on electronic identification and trust services in electronic transactions"

Next

Bar Harbor Bankshares: Trust Services accepting applications for Hattie A. & Fred C. Lynam Trust grants until September 18

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also